Downtown Now Co the Partnership for Downtown St Louis

“Downtown stl, inc. Is responsible for administering downtown now!”

“The 990 is reviewed by the president and the board of directors before it is filed.”

“Downtown now! Makes its governing documents and financial statements available to the public upon written request.”

“The mission of the organization is to lessen the burdens of government and specifically to accomplish the mission of stabilizing, strengthening and helping to maintain the downtown area of the city of st. Louis, missouri. This area has long suffered from an exodus of business tenants and minimal increase in new tenants, exacerbated by the recession and other factors. To facilitate the city of st. Louis' 1990 action plan and in that way lessen the burdens of government, the organization assisted in the development of property for the purpose of economic business retention in downtown st. Louis. In connection therewith, the organization leased office and storage space at one us bank plaza in downtown st. Louis, missouri under a master operating lease. The master lease was to expire november 2023 and provided for two renewal options to extend the term for successive periods of seven years and six years, respectively. The master lease provided for determinable annual rents through november 2020, at which time the annual rent was to be adjusted to 90% of the then current fair market rental value. The master lease agreement also required the organization to pay a prorated share of real estate taxes and insurance. The organization subleased the entire office and storage space pursuant to a sublease agreement. The sublease was to expire november 2020 and provided for two five-year renewal options. The rental income earned from the sublease was used to pay rents due under the master lease agreement and was used to pay interest on the loan. On october 4, 2017, the subleasee made a lease termination incentive payment of $1,864,758 and the master lease and related sublease ageements were terminated. The organization and subleasee were released from all obligations accruing under the master lease and sublease agreement after september 30, 2017. In september, 2009, the organization obtained a loan to finance tenant improvements at the leased space. The financing was made available pursuant to the lender's participation in the new market tax credit program. Interest on the note was payable monthly at a rate of 9.0939%. The note required annual principal payments beginning in 2020 through maturity on december 1, 2030. No prepayments of principal were allowed prior to november 30, 2020. On october 4, 2017, the organization made a principal payments of $2,265,495, along with $11,502 in professional fees and the lender released the organization's remaining obligation under the note.”